News Corp.’s Myspace is preparing to lay off quite a few of its employees, according to sources close to the matter.

One person familiar to the issue said that the site could lay off between a third and a half of its approximately 1,100 employees. Another person said the layoffs could happen as soon as this month.

Apparently, the restructuring is the latest step in Myspace’s intense effort at turning the business around. The social networking site reduced its staff by about 30% last summer, laying off hundreds of employees, but the cuts weren’t sufficient to contain costs. The new cuts are said to be across the board as far as departments. Another source said that depending on the results of the restructuring, News Corp. may look for buyers for Myspace, but there are no current talks over a sale.

A spokeswoman for Myspace declined to comment on the matter.

In October 2010, Myspace redesigned its site to emphasize its media assets, and later struck an advertising deal with Google. As part of that overhaul, Myspace is refashioning the site as a hub for music, games, and entertainment. The redesign went public that month. News Corp. attained Myspace in 2005 for a price of $580 million, and since then has struggled to remain relevant as other websites’ popularity grew.